Concord Biotech gets SEBI nod for IPO

Ahmedabad-based Concord Biotech has got the Security and Exchange Board of India’s (SEBI) final observation to raise funds through an Initial Public Offering (IPO). The issue with a face value of Re 1 per equity share is a complete Offer For Sale (OFS) aggregating to 20,925,652 equity shares by Helix Investment Holdings. The offer also includes a reservation for a subscription by eligible employees, a statement from the company said.

As per the F&S report stated in its DRHP, Concord Biotech commands a market share of over 20 per cent by volume in 2021 across identified fermentation-based API products including dactinomycin, sirolimus, tacrolimus, mycophenolate sodium and cyclosporine. It supplies to over 70 countries including regulated markets such as the US, Europe, Japan and India, the statement added.